International Cooperation Crucial in Fighting Financial Crime in US Virgin Islands
A Strong Stance Against Financial Crime
The United States Virgin Islands continues to take a strong stance against financial crime, with Deputy Premier Lorna G. Smith emphasizing the importance of international cooperation in fighting these illicit activities.
Government Commitment to Detering Fraud and Combating Financial Crime
Speaking at the 20th anniversary meeting and conference of ICC FraudNet on April 19, Honourable Smith highlighted the government’s commitment to deterring fraud and combating financial crime. The bi-annual conference brought together over 100 attendees from 71 countries, including top asset recovery lawyers and representatives from strategic partner organizations such as:
- GreyList Trace
- Mintz
- BDO
- Grant Thornton
Geopolitical Instability Exacerbates Risks
The Virgin Islands Government’s promise to fight financial crime in all its forms has never been more relevant, with geopolitical instability exacerbating the risks. Honourable Smith reinforced this commitment, stating that the government is “immensely proud” that ICC FraudNet chose the USVI for its 20th anniversary conference.
“We face challenges from those with criminal intent who seek to misuse our services,” she said. “The decision by ICC FraudNet to come to the Virgin Islands reflects our shared responsibility to ensure that financial crime is investigated and prosecuted, and that assets lost or stolen are identified and recovered through the courts.”
Industry Role in Upholding High Standards
The Minister also commended the role of industry members and the private sector in upholding high standards and adhering to a robust regulatory regime. With 39 bi-annual meetings and conferences held in over 30 countries, ICC FraudNet has become a global leader in asset recovery and financial crime prevention.
International Cooperation Key to Fighting Financial Crime
As the USVI continues to face challenges from those seeking to misuse its services, international cooperation will be crucial in fighting financial crime. The government’s commitment to this effort is clear, and with partners like ICC FraudNet, there is hope for a safer and more secure financial future.